CMA Leadership on the Union Budget 2024-25

  Against the backdrop of global uncertainties and inflation, the Union Budget 2024-25 is transformative and forward looking with an eye on fiscal consolidation. The announcement of INR 11 lakh crore capital expenditure signifies the Government's commitment to modernising India’s infrastructure through various significant projects and allocations, which will undoubtedly drive demand for Cement and other building materials. These initiatives collectively illustrate the Budget's comprehensive and strategic approach to bolstering India's infrastructure across various sectors.

Additionally, the Cement industry is in alignment with the Government of India’s net zero goals. The transition roadmap for 'hard to abate' industries to move from the 'Perform, Achieve and Trade' mode to the 'Indian Carbon Market' mode is a welcome step. The roadmap will further boost India’s energy infrastructure and encourage renewable energy adoption. Overall, this Budget is a win-win for both the economy and the environment, and the Cement industry is poised to play a pivotal role in the Nation’s development journey.  

Neeraj Akhoury
President, Cement Manufacturers’ Association
and Managing Director, Shree Cement Limited

  The Budget indeed paves the way for a robust and resilient economy, fostering growth that is both equitable and sustainable. Its focus on employment, skilling, and urban development is a significant step towards inclusive growth. The Prime Minister's package, with its emphasis on skilling and employment linked incentives, will not only further enhance workforce capabilities but also generate new job opportunities within the Cement sector. As the Cement Industry is transitioning and adapting to newer technologies, India needs a workforce that is skilled and equipped. The allocation of INR 1.48 lakh crore for education, employment, and skilling initiatives stands to have a huge impact on creating a skilled workforce that can contribute effectively to the Cement Industry. The Cement Industry is a major contributor to employment generation in India. The Cement Industry welcomes the Budget's strategic initiatives and is committed to supporting these efforts through innovation and sustainable practices.  

Parth Jindal
Vice President, Cement Manufacturers’ Association
and Managing Director,
JSW Cement Limited

 Against the backdrop of global uncertainties and inflation, the Union Budget 2024-25 is transformative and forward looking with an eye on fiscal consolidation. The announcement of INR 11 lakh crore capital expenditure signifies the Government's commitment to modernising India’s infrastructure through various significant projects and allocations, which will undoubtedly drive demand for Cement and other building materials. These initiatives collectively illustrate the Budget's comprehensive and strategic approach to bolstering India's infrastructure across various sectors.

Additionally, the Cement industry is in alignment with the Government of India’s net zero goals. The transition roadmap for 'hard to abate' industries to move from the 'Perform, Achieve and Trade' mode to the 'Indian Carbon Market' mode is a welcome step. The roadmap will further boost India’s energy infrastructure and encourage renewable energy adoption. Overall, this Budget is a win-win for both the economy and the environment, and the Cement industry is poised to play a pivotal role in the Nation’s development journey.  

Mr Neeraj Akhoury
President, Cement Manufacturers’ Association
and Managing Director,
Shree Cement Limited

 The Budget indeed paves the way for a robust and resilient economy, fostering growth that is both equitable and sustainable. Its focus on employment, skilling, and urban development is a significant step towards inclusive growth. The Prime Minister's package, with its emphasis on skilling and employment linked incentives, will not only further enhance workforce capabilities but also generate new job opportunities within the Cement sector. As the Cement Industry is transitioning and adapting to newer technologies, India needs a workforce that is skilled and equipped. The allocation of INR 1.48 lakh crore for education, employment, and skilling initiatives stands to have a huge impact on creating a skilled workforce that can contribute effectively to the Cement Industry. The Cement Industry is a major contributor to employment generation in India. The Cement Industry welcomes the Budget's strategic initiatives and is committed to supporting these efforts through innovation and sustainable practices.  

Parth Jindal
Vice President, Cement Manufacturers’ Association
and Managing Director,
JSW Cement Limited

Union Budget 2024-25 and the Cement Industry in India

Ms Nirmala Sitharaman, Finance Minister, Government of India, tabled the Union Budget 2024-25 for India today. The focus of the Union Budget 2024-25 was reinstated in four castes.

Figure 1 Focus on 4 major castes for the Union Budget 2024-25

Source: Union Budget 2024-25, https://www.indiabudget.gov.in/, accessed on July 23, 2024

It was highlighted that despite global challenges, India’s inflation was moving towards the 4% target with core inflation (non food, non-fuel) currently at 3.1%. Union Budget 2024-25 particularly focussed on employment, skilling, Micro, Small and Medium Enterprises (MSMEs) and the middle class.

Figure 2 Focus Areas

Source: Union Budget 2024-25, https://www.indiabudget.gov.in/, accessed on July 23, 2024

A package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities of 4.1 crore youth over a 5 year period was announced with a Central Outlay of INR 2 lakh crore.

In line with the strategy of Viksit Bharat set out in the Interim Union Budget 2024-25, the Union Budget 2024-25 emphasised sustained efforts on the following 9 priorities for generating opportunities for all.

Figure 3 Nine Priorities for Generating Opportunities for All

Source: Union Budget 2024-25, https://www.indiabudget.gov.in/, accessed on July 23, 2024

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